Toronto, Ontario--(Newsfile Corp. - October 24, 2024) - SATO Technologies Corp. (TSXV: SATO) (OTCQB: CCPUF) (the "Company", or "SATO"), a leader in efficient Bitcoin computing started in 2017 and publicly listed since 2021 on the Canadian TSX Venture Exchange, is announcing a transformative expansion of its business strategy.
Building on its established expertise in the high performance computing blockchain sector, SATO plans to expand its digital infrastructure offerings to include advanced and efficient computing infrastructures for Artificial Intelligence (AI), High-Performance Computing (HPC), and future-ready technologies such as zero proof knowledge, or quantum computing. This initiative is expected to place SATO at the forefront of hybrid computing power innovation.
SATO plans to utilize its existing 20 MW of hydro-electricity from Québec - a region recognized for its stable and renewable energy resources - to power the first phase of its next-generation data center.
Clients interested in accessing our computing power can reach out through our website: https://bysato.com/ai.
In October, SATO received a partial reimbursement from the Canada Revenue Agency (CRA) for previously claimed sales tax credits. As previously disclosed in the Company's financial statements for the three and six months ended June 30, 2024, SATO has recorded a receivable, with a provision for uncollectible taxes. The CRA's review of the sales tax credits remains ongoing, and the final refund amount remains uncertain. The recovery of these funds is expected to play a key role to kickstart SATO's strategic investment in developing its next-generation data center designs and facilities, advancing the Company's platform for energy-sensitive, business-critical applications. Additionally, the Company is exploring various alternatives for additional financing to support its strategic initiatives.
"We're not just focused on one form of power; we're about all forms of computing, from ExaHashes to ExaFlops," said Romain Nouzareth, CEO and co-founder of SATO. "Starting in our 20 MW center in Canada, we aim to build an ecosystem of computing power factories in North America that integrates blockchain with emerging technologies like AI or any type of computing power, while upholding our commitment to sustainability and operational excellence." He added, "We're also looking for creative builders, forward-thinking individuals to join our team as we embark on this new journey."
This hybrid model enables SATO to evolve its infrastructure in step with the shifting needs of the digital economy. In addition to its continued focus on Bitcoin, the new computing power factories will offer critical computational power for AI research, machine learning, data analytics, quantum computing, and other resource-intensive applications.
SATO's expertise in energy-efficient Bitcoin computing, coupled with Quebec's stable renewable energy, provides a strong competitive edge as the company diversifies into AI and HPC sectors. The 20 MW energy allocation marks the start of SATO's long-term investment in Power Compute data centers, designed to support diverse computing needs for the digital future.
Follow our progress on LinkedIn: linkedin.com/company/satocorp, on X (formerly Twitter): x.com/Sato_Compute, or subscribe to our Mailing List: https://www.bysato.com/?action=subscribe.
On behalf of the board,
Romain Nouzareth,
SATO CEO and Chairman
About SATO
SATO, founded in 2017, is a publicly listed company providing efficient computing power. The Company currently operates one center tailored to produce compute power for Bitcoin Computing, but may look to expand or add additional data centers for computing power for Bitcoin Computing, High Power Computing ("HPC"), Artificial Intelligence ("AI"), and L2's. The Company is listed on TSXV: SATO and OTCQB: CCPU.F. To learn more about SATO, visit www.bysato.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain forward-looking statements, including statements relating to the future performance of the Company, and other statements that are not historical facts. In particular, forward-looking statements include, among other things: statements regarding the Company's planned expansion into next gen power infrastructures for artificial intelligence and high performance computing and the planned buildout of computing power factories, the anticipated effects and benefits to the Company associated with the same, its integration into the Company's current operations and the use of such new facilities; the ability to be reimbursed for previously claimed sales tax, the use of such proceeds and the effect of such reimbursement and use of proceeds; and that the Company will have a competitive advantage as it diversifies into the AI and HPC sectors. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, but are not limited to, risks associated with: ability to raise capital in debt or equity, as needed, on appropriate terms; effective implementation and deployment of the Company's AI and HPC solutions; general economic, market and business conditions; competitive factors; achieving strategic objectives; inability to or delays in sourcing materials; production delays or certification delays; and other factors set out in the "Risk Factors" section of the Company's management's discussion and analysis for the three and six months ended June 30, 2024 and Company's annual information form for the year ended December 31, 2023, which may be found on its website or at www.sedarplus.ca. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
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